The Companies that Received Millions through the New Jersey EDA’s NOL Program This Year
Photo: Kathleen Coviello, Vice President, Technology & Life Sciences Investments, NJ EDA Photo Credit: Esther Surden
Kathleen Coviello, Vice President, Technology & Life Sciences Investments, NJ EDA | Esther Surden

The New Jersey Economic Development Authority (EDA) announced that 39 companies were approved to share over $46 million through the state’s Technology Business Tax Certificate Transfer Program, also known as the Net Operating Loss (NOL) program.  The amount was up from $35 million last year.

In essence, the NOL program lets tech and biotech companies with protected intellectual property sell their New Jersey tax losses and/or R&D tax credits to raise cash to finance their growth and operations.  

The program provides a critical source of funding for emerging companies during a stage when non-dilutive growth capital is difficult to obtain, the EDA notes. This year, tech companies took home nearly $17 million in non-dilutive funding, while biotech companies took home about $29 million. A total of 22 tech and 17 biotech companies participated.

Company

 

Municipality

 

County

Type of Company

Acuitive Technologies

Allendale

Bergen

Tech

Advaxis

Princeton

Mercer

Biotech

Agile Therapeutics

Princeton

Mercer

Biotech

Angel Medical Systems

Tinton Falls

Monmouth

Biotech

Arable Labs

Princeton

Mercer

Tech

Avlino

Holmdel

Monmouth

Tech

Bellerophon Therapeutics

Warren

Somerset

Biotech

Brilliant Light Power

Cranbury

Middlesex

Tech

Cancer Genetics

Rutherford

Bergen

Biotech

CircleBlack

Princeton

Mercer

Tech

ContraVir Pharmaceuticals

Edison

Middlesex

Biotech

Crescenta Biosciences

Union

Mercer

Biotech

CytoSorbents Corporation

Monmouth Junction

Middlesex

Biotech

Edge Therapeutics

Berkeley Heights

Union

Biotech

Elite Laboratories

Northvale

Bergen

Biotech

Enhatch Inc.

Hoboken

Hudson

Tech

Eos Energy Storage

Edison

Middlesex

Tech

Flowonix Medical

Mount Olive

Morris

Tech

FUSAR

Kearny

Hudson

Tech

Hemispherx Biopharma

New Brunswick

Middlesex

Biotech

I.D. Systems

Woodcliff Lake

Bergen

Tech

Impactivate Networks

Atlantic City

Atlantic

Tech

Matinas BioPharma Nanotechnologies

Bedminster

Somerset

Biotech

Vitals (MDx Medical, Inc.)

Lyndhurst

Bergen

Tech

Miami International Holdings

Princeton

Mercer

Tech

Moblty

Livingston

Essex

Tech

Nanotech Industrial Solutions

Avenel

Middlesex

Tech

Nephros

River Edge

Bergen

Biotech

Ocean Power Technologies

Pennington

Mercer

Tech

Oncobiologics

Cranbury

Middlesex

Biotech

Rive Technology

Monmouth Junction

Middlesex

Tech

SightLogix (Automated Threat Detection)

Princeton

Mercer

Tech

Solidia Technologies

Piscataway

Middlesex

Tech

Soligenix

Princeton

Mercer

Biotech

Svelte Medical Systems

New Providence

Union

Biotech

Teleran Technologies

Fairfield

Essex

Tech

United Silicon Carbide

Monmouth Junction

Middlesex

Tech

VectraCor

Totowa

Passaic

Biotech

Voxware

Hamilton

Mercer

Tech

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